Brilliant Portfolios Ltd Management Discussions

REPORT Background

Brilliant Portfolios Limited (‘Your Company) is a Non-Banking Financial Company (NBFC). Your Company was incorporated in 1994. Your Company is listed on Bombay Stock Exchange. Registered office of your company is in Delhi. Your company is a Non-Systematically Important Non-Deposit taking NBFC.

Business Outlook

The global economy exhibited uneven yet steady growth across regions in 2024. Cyclical imbalances from post covid resurgence in 2022 and 2023, eased since the beginning of 2024, leading to a better alignment of economic activity with potential output in major economies. This adjustment also brought inflation rates across countries closer to target levels and contributed to lower global inflation. Indias real GDP growth at 6.5% for FY25 (compared to 9.2% in FY24), reflecting strong recovery in second half of FY25. The International Monetary Fund (IMF) projects global economy to grow at 2.8% in CY2025, significantly lower than the historical (2000-19) average of 3.7%, largely due to increasing trade tensions and surge in policy uncertainty. Weaker global economic growth could lead to slowdown in global trade, investment, and overall economic activity, potentially impacting business sentiments, employment conditions and consumer spending. With growth varying across economies and last-mile disinflation proving sticky, global central banks are likely to take varying paths of monetary policy.

Against the backdrop of turbulent global environment, the Indian economy is expected to continue to demonstrate resilience in FY26 supported by robust sectoral performance and improving consumption trends. The RBI projects 6.5% growth in Indias real GDP in FY26 supported by strong momentum in domestic demand amid cooling food inflation, tax benefits and lower borrowing costs. External factors such as rising US tariffs and global trade pushback will be the headwinds. The uncertain and volatile global environment could further defer the much-anticipated revival in private capex.

The RBIs policy measures in Q4-FY25 suggest a more balanced regulatory approach, fostering growth while ensuring compliance. Furthermore, RBIs commitment to maintain sufficient systemic liquidity could expedite transmission of policy rate cuts and help the NBFC sector to reduce their overall cost of funds.

Nature of Industry

Risk is inherent in the financial industry, but managing the risk well is what enables us to take the next risky bet, and thereby earn above normal returns. Excellent management by our Central Bank helped keep the industry on a stable footing, and most of our performance was based on the inherent strength of the Indian financial system. Global factors like high oil prices and higher interest rates are playing truant this year, but we expect our economy as well as our companies to manage both well.

Business Performance

We have benefited greatly from the excellent rally in the equity markets over the past year which has helped us post good profits for the year. We are faced with different challenges this year, but continue to be optimistic in the long run.

Risks & Concerns

All our borrowers kept their accounts in good stead even through the various challenges faced by the economy. The volatility in the stock market will continue to affect our performance, either towards the positive or negative, and while we hope to profit from it, it will also remain a source of risk.

Internal Control Systems and Their Adequacy

We believe that our internal control systems are adequate for the scale of our operations.

Limitations of Financial Statements

Our greatest strength is our people, a strength that no number in the Balance Sheet can cover. With the abilities of our people, we believe that we will continue to do well over the longer period of time.

Future Outlook

The NBFC sector is poised for sustained growth, driven by strong governance, responsible innovation, and increasing credit demand. Institutions that align with RBI regulations, embrace ethical lending, and adopt a customer-first approach are expected to lead.

Co-lending offers significant opportunities. By combining the distribution and underwriting strengths of NBFCs with combined funding pools, these partnerships can expand credit access efficiently. Success will depend on building robust frameworks for joint credit appraisal, risk sharing, data exchange and coordinated collections, as guided by RBI norms.

Digitisation continues to transform the sector. Integration with CKYC, CICs. IUs and CERSAI is enhancing credit assessment and risk management. Digital lending, data analytics, and tech-led recovery are improving operational efficiency and customer experience.

Opportunities are also emerging in green and sustainable finance, while consolidation may reshape the landscape. NBFCs that invest in technology, partnerships, and inclusive growth models are well-positioned to lead the sector forward.

Segment Wise Performance

Your Company has only single segment i.e. Investment. Revenue and expenses have been identified on the basis of accounting standard and guidance note issued by Institute of Chartered Accountants of India.

Human Resources and Industrial Relations

We continue to maintain cordial relations with all our employees and have not had any problems with them. Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys plan and objectives, financial conditions, business prospects, estimates and expectations may be forward looking statements which are based on the current belief, assumptions and projections of the Directors and the management of the Company. These statements do not guarantee the future performance and are subject to known and unknown risks, uncertainties and other factors some of which may be beyond the control of the Company. Actual results may differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include unavailability of finance at competitive rates, significant changes in political and economic environment in India or key markets abroad, tax laws, litigations, interest and other costs.

	For and on behalf of the Board of Directors of
	Brilliant Portfolios Limited
Place: New Delhi	Ravi Jain	Raghu Nandan Arora
Date: 11/08/2025	(Managing Director)	(Director)
	DIN:02682612	DIN: 00503731